February 26, 2020
I did a horrible job of updating the progress on the website, so if you want to catch up on more of the detail of the past 2 months check out my Instagram!
The rehab certainly took longer than expected and came with a lot of lessons learned. I'll provide more details later, but ultimately I learned a lot about what I can and can't (and should and shouldn't) do in terms of rehab and also learned a lot about how to manage contractors.
Surprisingly, the majority of the plan held up - little work was done on unit 2 while unit 1 saw significant updates. Because this is a buy-and-hold with no immediate intentions to refinance and/or complete a BRRRR, the goal of the updates was to maximize rental value and minimize future maintenance costs.
This was done by updating almost the entire interior of unit 1, replacing a water heater and range in unit 2, and making some exterior repairs to the foundation, porches, and roof. The units are now on the market and will bring in solid cash flow (I'll provide an update once they're rented out and all costs are finalized). Despite being the most recent purchase, it will be the first to be 100% stabilized! Talk about a weight off of my shoulders!
Biggest lesson learned so far:
-Learn your strengths, weaknesses, and what you enjoy. I learned plenty by doing a lot of work myself, but it took way more time and energy than expected and I was exhausted (mentally and physically) once I was done. I'm happy I learned what I did, but now I know things that I won't touch on my own in the future